The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has begun the stakeholder consultation process for its phase 4 Regulations development. The stakeholder consultation process, which is a requirement of the Petroleum Industry Act per S.216(1) in the development of new regulations, had begun earlier in July with the Commission calling for inputs to relevant draft regulations from concerned stakeholders. In a further statement signed by the Commission Chief Executive, Engr. Gbenga Komolafe FNSE, the upstream regulator had then proceeded to announce its follow-up consultation forum billed to hold in two segments across different dates within October and November of this year. The phase 4 development covers seven key regulations touching on critical aspects of the upstream oil and gas business with the first on the list bordering on upstream commercial operations.
While the consultation forum began on Monday 9th of October, 2023 at the Transcorp Hilton Hotel, the first segment of the forum is set to run through Tuesday 10th, Wednesday 11th and Friday 13th of October at 10am on each day. Of the seven Regulations earmarked for development, four are set to be considered for the first segment of the forum, to include the Draft Upstream Revocation of Licences and Lease Regulations; and the Draft Upstream Petroleum Assignment of Interest Regulations. Others are the Draft Upstream Commercial Operations Regulations; as well as the Draft Upstream Petroleum Development Contract Administration Regulations.
The second segment of the forum which is set for November 8th, 9th, and 10th of this year at the same venue, shall cover consultations and deliberations on the Draft upstream Petroleum Code of Conduct & Compliance Regulations; the Draft Nigerian Upstream Petroleum (Administrative Harmonisation) Regulations; and the Draft Amendment to the Nigerian Upstream Petroleum Host Communities Development Regulations 2022.
Concerned stakeholders (including lessees, licensees and permit holders that may be impacted by the regulations, as well as such other persons that may be interested in the subject matter of the proposed regulations) are thus enjoined to participate fully in the forum as these regulations when finalized shall invariably affect the core businesses and interests of players within the upstream space, and ultimately impact the entire Nigerian oil and gas market.
